Stocks Fall on Iran Jitters, Intel Delivers Earnings Beat | The Close 4/23/2026

Watch on YouTube ↗  |  April 23, 2026 at 22:17  |  1:31:52  |  Bloomberg Markets
Speakers
Zachary Griffiths — Head of U.S. Investment Grade & Macro Strategy, CreditSights
Jay Chaudhry — CEO, Zscaler
Angelo Zino — Senior Equity Analyst, CFRA Research
Thomas Hayes — Co-founder, Crypto Is Macro
Michael Contopoulos — Director of Fixed Income, Richard Bernstein Advisors

Summary

Markets fell on Iran tensions but Intel's earnings beat drove a surge in chip stocks. Analysts discussed Intel's AI CPU demand, margin inflection, and a covered call strategy for fixed income. Geopolitical risks and narrow market leadership were key themes.

  • S&P 500 declined 0.4% as oil rose on Strait of Hormuz blockade.
  • Intel reported strong earnings and revenue beat, sending shares up 17% after hours.
  • CPU demand from agentic AI is booming, benefiting Intel and other chipmakers.
  • Zscaler CEO argued AI models increase cybersecurity demand, defending the stock.
  • CreditSights recommended writing covered calls on bond ETFs to generate income.
  • Janus Henderson highlighted narrow market leadership and potential catch-up in cyclicals.
  • PIMCO policy expert discussed Iran war impact on midterm elections and affordability.
  • Stifel CEO warned of liquidity mismatch in private credit for 401(k) investors.
Trade Ideas
Zachary Griffiths Head of U.S. Investment Grade & Macro Strategy, CreditSights 8:10
Write covered calls on bond ETFs.
The market is stable relative to high uncertainty, making writing covered calls on bond ETFs an attractive way to generate income. Upside is limited near term, so selling call options on long-term Treasuries, investment-grade, and high-yield bond ETFs can capture premium.
TLT IG bond ETFs (e.g., LQD) High-yield bond ETFs (e.g., HYG) MED
Jay Chaudhry CEO, Zscaler 30:13
Zscaler benefits from AI threat surge.
New AI models like Anthropic's Mythos and OpenAI increase software vulnerabilities, creating heightened demand for Zscaler's security platform that hides applications and enforces zero-trust. Enterprises are actively seeking help, and Zscaler is well-positioned to serve them.
ZS MED
Angelo Zino Senior Equity Analyst, CFRA Research 55:50
Intel margins inflecting, data center booming.
Intel's earnings beat a low bar, with gross margins inflecting significantly. The data center CPU demand from agentic AI is surging, supply is constrained, and foundry catalysts (external customers, 18A ramp) provide upside. Margins can reach north of 50%, driving stock re-rating.
INTC HIGH
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This Bloomberg Markets video, published April 23, 2026, features Zachary Griffiths, Jay Chaudhry, Angelo Zino discussing TLT, IG bond ETFs (e.g., LQD), High-yield bond ETFs (e.g., HYG), ZS, INTC. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Zachary Griffiths, Jay Chaudhry, Angelo Zino  · Tickers: TLT, IG bond ETFs (e.g., LQD), High-yield bond ETFs (e.g., HYG), ZS, INTC